- Ethereum price closed Sunday with the largest weekly loss since 2016 at -41.44%.
- ETH triggers bullish hammer candlestick pattern on the 12-hour chart.
- Transition from “proof of work” to “proof of stake” highlights Ethereum’s push to be more environmentally friendly.
Ethereum price has catapulted almost 27% today after closing last week with the most significant weekly loss since trading began. At the time of writing, the 27% gain would be the largest one-day gain since December 12, 2017. There is a high probability that ETH has printed the correction low and has shifted to building a new base for a test of the all-time highs.
Musk approaches North American miners about renewable usage
On May 12, Elon Musk announced that Tesla would no longer accept BTC as a payment method after realizing that Bitcoin mining used too much energy, primarily generated from fossil fuel.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
